Bitfarms’ (BITF) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Bitfarms (NASDAQ:BITF) in a report issued on Monday morning, Benzinga reports. HC Wainwright currently has a $4.00 price objective on the stock.

Several other research firms also recently commented on BITF. Cantor Fitzgerald reiterated an overweight rating and issued a $5.00 price target on shares of Bitfarms in a research report on Tuesday, September 3rd. Stifel Nicolaus lowered Bitfarms from a speculative buy rating to a hold rating and dropped their price objective for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $3.66.

Bitfarms Price Performance

Bitfarms stock opened at $2.13 on Monday. The company’s 50 day moving average is $2.25 and its two-hundred day moving average is $2.25. The firm has a market cap of $871.82 million, a PE ratio of -5.61 and a beta of 3.64. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. Bitfarms has a 52-week low of $0.92 and a 52-week high of $3.91.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. The company had revenue of $41.55 million for the quarter, compared to analysts’ expectations of $44.59 million. On average, research analysts expect that Bitfarms will post -0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently made changes to their positions in the business. Swiss National Bank bought a new position in shares of Bitfarms during the first quarter valued at approximately $1,426,000. Shell Asset Management Co. bought a new stake in shares of Bitfarms in the 1st quarter worth approximately $43,000. K2 Principal Fund L.P. bought a new stake in shares of Bitfarms during the 2nd quarter worth $816,000. Cetera Investment Advisers acquired a new stake in Bitfarms during the 1st quarter worth about $1,558,000. Finally, Shariaportfolio Inc. purchased a new stake in shares of Bitfarms in the 4th quarter valued at approximately $2,051,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Company Profile

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.